4 Ways Our Clients are Benefitting from Disruptive Cloud Technology

September 12, 2017

Okay, so your business is relatively small. But that doesn’t mean that you can’t use great software to help scale and grow your business, right?

Unfortunately, all the options that you’ve looked at so far are too expensive and most of the time you end up paying for a bunch of features that you’ll never use.

All you really need is a fully integrated system where every piece of software that you need automatically “talks” to one another (accounting, POS, CRM, inventory, payroll, etc.). There are certainly plenty of options to choose from, but traditionally they have been the sole preserve of large corporates with deep pockets.

Smaller companies had to rely on patched-together solutions that kind-of worked.

The good news is that cloud computing has changed all that. Your business, no matter how big or small, can access incredible (and affordable!) cloud software that rivals any enterprise system.

And every single piece of software is automatically integrated – no more manual data capturing.

This might come as a shock, but if you want to integrate, it all starts with your accounting system.

How our clients benefit from the cloud

Our focus as an accounting firm is on automation and process improvement, as opposed to the traditional model where accountants focused on compliance and bookkeeping.

In practice we implement the following at our clients:

1. The Heart – Xero Accounting

We use Xero Accounting – beautiful cloud-based accounting software that is taking the world by storm.

Why should the accounting package form the heart of all your systems? Because most systems are used to translate your operations into numbers, i.e. how much do things cost, so everything eventually ends up in Xero.

Our clients have direct access to Xero in real-time, from any device. They can view their financials, generate reports and issue invoices, without any input from us. Our job is to ensure the data is up to date and that our clients understand what the numbers mean.

2. The Brain – Everything is Connected

The days of running separate, isolated systems are long gone. Every single system that you use from now on should integrate with your accounting system. This simple step will vastly improve the way your business runs and operates.

Xero has an app store that works almost like Apple’s iStore and Android’s Play store. They have hundreds of apps that range from specialized reporting, POS, inventory management, CRM’s, etc.

Depending on your unique needs, you can build a fully integrated “enterprise” system for your business, where everything is automatically connected to the accounting heart of your business.

As your business grows you can add new apps or even delete old apps that you have outgrown. Every piece of software works on a month-to-month basis, so there are no long-term commitments.

3. The Hands – Automate Your Bookkeeping

One of the great perks of Xero is that it allows us to setup a live bank feed from your bank directly into the accounting system. This automation (along with machine learning) greatly reduces the time that it takes to keep your bank recon up to date, allowing us to do it in real-time.

We also require our clients to use Receipt Bank, one of the apps that integrates with Xero. Receipt Bank eliminates the need to ever capture a supplier invoice or receipt ever again.

Just had a client lunch and need to keep the restaurant slip? Just snap a photo of it with the Receipt Bank app. Just received an email from a supplier with an invoice attachment? Just forward it to your Receipt Bank email address.

Receipt Bank turns the photos of receipts and the emailed invoices into a creditor in Xero. This means that nobody had to manually capture invoice numbers, VAT amounts, etc. – Receipt Bank automatically generated a “bill” in Xero with the source document electronically attached.

Xero would then remind you pay the invoice and, once it is paid, will automatically match the payment from the bank feed with the Receipt Bank supplier invoice.

4. The Random Accessories – Other Apps as Needed

The beauty of Xero is that you can tailor your system exactly as you need using the app store. Getting this right is crucial, because it prepares your business for massive scale and unlocks colossal efficiency improvements.

Here are a few examples of apps that we use in addition to Receipt Bank:

  • Reporting: Xero has great custom reports built-in, but we would use Spotlight Reporting where their reporting needs are more complex.
  • Payroll: We use SimplePay for all our clients.
  • Point of Sale: Consider Vend for retail or iKentoo for restaurants.
  • Inventory management: Look at Unleashed or DearInventory.
  • Payment Providers, CRM, Time Tracking, eCommerce, Jobs & Invoicing Management: There are apps for all of that and more. And they all integrate with Xero.

 

Take a look at the Xero Marketplace to see what is on offer.

Interested in seeing what Wingman Acccounting can do for your business? Then why not book a demo?

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By |2017-09-25T16:44:22+00:00September 12th, 2017|Latest Articles|